The last quarter of the year has officially started and so it is useful to analyze how the Bitcoin whales started it. Find out here with the summary we have prepared for you, using Whale Alert as a reference. What is most evident is that accumulation is the predominant trend.
Specifically, we have prepared a fortnightly summary, which makes it possible to see the picture in a more complete way.
Bitcoin whales have a strong tendency to hoard
During these last 15 days, Bitcoin whales have mobilized a total of 173,412 BTC through 76 operations, according to Whale Alert. As our summary shows, in that time the whales have accumulated a total of 87,687 BTC, which represents 50.57% of the total BTC mobilized. Meanwhile, only 28.66% of this total amount has been for the provision of liquidity on cryptocurrency exchanges or for sale.
Obviously, it is clear that the Bitcoin whales have started this quarter with a significant accumulation trend. This could support the growth of Bitcoin. The reason is that by doing this, the whales are decreasing the supply of BTC in the market, and thus indirectly driving the price. With their buying trend, they urge other smaller players to follow in their footsteps.
Now, if we go to the details we will notice that the flow of movements and transactions varies more or less constantly. Weekends are the days with the least activity. The three busiest days for Bitcoin whales were September 28, October 1, and October 6.
In general, we can see that the whales started the month of October quite active, but then their activity decreased considerably. During the past week the busiest days were Tuesday 10/06 and Friday 10/09.
However, the predominant trend in the former was not accumulation, but movements between unknown wallets. On the other hand, in the second there was a marked accumulation, since it was the only type of activity executed.
What influence has this had on the price of BTC?
On October 1, Bitcoin lost close to $ 400 in a matter of hours, going from $ 10,882 to $ 10,483. Bitcoin whales accumulated close to 8,434 BTC on that day, taking advantage of the price drop.
The week continued to advance, and Bitcoin almost managed to regain its $ 10,800 range. However, on October 6 it fell again and lost about US $ 300, and that is why it was one of the days with the most transactions of the Bitcoin whales.
Then, from October 8 to today, the price of Bitcoin has risen by about 8.83% (about US $ 940). Therefore, we can understand that it is a cycle in which the whales take advantage of and drive much more of this growth, with the accumulation that they have had.
In other words, since October 8 the cumulative trend of the Bitcoin whales is more evident, and this coincides with the date when the uptrend of the cryptocurrency shot up. The proof is that 33.45% of the total BTC accumulated in these 15 days, was taken to unknown wallets since that date.